Industry News

New real estate loan benefits builders, buyers

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American Home Bank is expanding its home mortgage business with Home One, a new loan that allows home buyers to lock in low construction and permanent mortgage rates up front, with no long-term lock fees or monthly payments required during the construction process. The loan is being marketed to builders who build 20-250 units per year, and the initial rollout of Home One is aimed at builders in the South and Mid-Atlantic region, American Home Bank announced today. "AHB has always had a targeted and consistent focus on new-home construction to permanent mortgage lending," said Jim Deitch, CEO of AHB. "Homeowners will benefit from AHB's single loan closing and locked construction and permanent loan rates. This allows the customer to have certainty in their monthly payments when building a new home." Builders will also benefit from Home One, according to AHB officials. The Home One loan is managed through a Web-based, automated platform called ConstructionMac. This platform corresp...